Creator cries, then pleads guilty

The billionaire who created Beanie Babies broke down crying in court Wednesday as he pleaded guilty to one count of tax evasion for hiding $25 million in income in secret Swiss bank accounts.

H. Ty Warner, 69, also apologized as he stood before a federal judge in Chicago, wiping away tears as he struggled to regain his composure.

"I have so much to be thankful for," said Warner, his voice breaking as he cited his Illinois-based stuffed-toy company, TY Inc. "There is no excuse for my actions."

The toy-maker's 18-page plea deal says guidelines call for a prison term of around four years — a calculation that makes it likely he'll serve time behind bars. It also requires he pay a $53 million civil penalty.

Beanie Babies first appeared in the '90s, triggering a craze for the plush toys fashioned into bears and other animals. An explosion of sales made Warner rich; Forbes recently put his net worth at $2.6 billion.